Israeli digital casting company Magnus Metal today announced today announced the completion of a $74 million in Series B financing round, co-led by Entrée Capital and Target Global with participation from Caterpillar Ventures, Tal Ventures, Deep Insight Ventures, Awz Ventures, Lumir Ventures, Discount Capital, Lip Ventures, Cresson Management, Next Gear Fund and Essentia Venture Capital.
Magnus Metal, which has developed technology in industrial, high volume digital casting for metal alloys will use the new investment to further develop its innovative casting technologies, while expanding its operations locally and globally to support its Fortune 100 customers.
Magnus Metal innovates metal casting industry by providing an Industry 4.0 based fully automatic manufacturing solution that makes the process faster, safer, and, environmentally friendly while both improving quality and reducing cost.
Magnus Metal claims to be the first and only additive manufacturing technology that uses the customer’s current metal raw material providing huge benefits in adoption and adoption rate. Its digital casting technology blends the benefits taken from both additive manufacturing and traditional casting, while avoiding the typical associated deficiencies, allowing for a streamlined and flat supply-chain, digital inventory and remote manufacturing hubs, without the need for a traditional foundry infrastructure.
The company was founded in 2018 by CEO Boaz Vinogradov, Gil Lavi, Moshe Frenkel and Itay Roded.
Vinogradov said, "Magnus Metal’s technology is at the forefront of the digital casting revolution in metal production, forging transformations in sustainability, flexibility of design processes and massively reducing the time spent in development. We remain faithful to the industry’s 4000 years of tradition, while reimagining and refashioning how metals parts are produced for modern purposes. We are excited to bring our unique capital equipment, industry 4.0 environmentally friendly, advanced processes and digital knowhow and apply them to the metal casting process, driving it into a new digital era."
Entrée Capital partner Ran Achituv said, "We co-led this investment based on customers’ demand for Magnus Metal’s solution in order to on-shore production lines to overcome supply chain and quality issues. Digital Casting is the only technology that allows reduction of production cost, meeting environmental regulation, meeting and surpassing quality standards and increase business agility with shortened delivery time and increase customization," said Ran Achituv from . "It is the only solution that doesn’t require new engineering and design as it digitally casts parts using the current customer’s raw materials."
Published by Globes, Israel business news - en.globes.co.il - on April 18, 2024.
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